Improving Project Success with Contract Management Software
The first step to streamline any business activity is to use a tool that allows team members to collaborate in faster and better ways. Using any kind of paper-based system puts the team at a disadvantage due to the lack of real-time information. In order to improve the success of any project, it is critical that all team members have access to the latest data in real time. Contract management is no exception to this rule. In this article, we will discuss how the use of contract management software improves businesses processes.
1. Decrease time for data upload.
When using paper-based systems to manage the contract process, time is wasted. As staff members commute back and forth between the office and client sites, for example, a lot of time passes before they can actually sit down and enter the data that they have received from the client.
Surveys have shown that workers are open to work during their commutes. By using a cloud-based contract management system, employees no longer have to wait to get started. They can start inputing information, attaching relevant files to contracts and providing latest details instantly.
2. Improve enforcement of pre-approved legal language.
Before leaving for a client visit, employees often look to save time by grabbing whatever contract template is available at the office. While they may mean well with this action, they unintentionally create two problems. First, they may not be working with the most up-to-date contract template. This lack of version control can mean creating a contractual agreement for your company with clauses that may create problems. Trying to either fix or amend that agreement can be challenging and may disrupt your client’s perception of your level of customer service. Second, if employees are not able to locate the latest contract templates, it is likely that they are not aware of the correct clauses that are available to them.
Having a centralized library of the latest contract clauses and templates would solve these two situations. First, your company would make updates to that library so there is no doubt where people need to look for the latest files. Second, the enforcement of your pre-approved language is improved as employees have a clear idea of what clauses they may use. Finally, version control issues are no longer present because everything is tracked within one system in real-time.
3. Collaboration is enhanced.
Collaboration. Collaboration. Collaboration. This is the key to success in contract management. Unlike a paper-based system, an enterprise contract management system allows managers to create “to-do” lists to keep teams organized. Managers are able to assign work through automated email alerts and even create pre-scheduled emails that keep employees engaged. Managers can also keep track of employee activities through check-in and check-out features.
When increasing the visibility of activities of team members, you are not only keeping everybody accountable but also improving collaboration among team members. When you can set up a project with a clear list of tasks so anybody in your group can be informed when their task is due or when another task is complete, you can be sure that your contract process will be more efficient.
Contract management software offers major benefits to all contract management processes. First, it decreases the time to upload client data. Second, it improves enforcement of pre-approved legal language through a centralized library of templates and clauses. Finally, it enhances collaboration among team members.